By Jonathan Roberts jonathan@propwall.com
MILLENNIALS, the term christened for the cohort of individuals born between 1980 and 2000, are entering the workforce in vast numbers.
According to Oxford Economics, 25% of workforce in emerging economies of China and India are millennials, while there are 20% or less in more advanced economies such as Australia, Hong Kong and Japan.
With different career aspirations, attitudes and ideals, Millennials will reshape the culture of workplace in the 21st century. Understanding the psyche of millennials will be pivotal for business leaders to remain vogue in decades to come.
Below is what CBRE Research found about millennials at work:
Source: CBRE Research, October 2016
1. The job disloyalty myth
Millennials are commonly perceived to have zero job loyalty compared to the generations that preceded them. While greater job availability may have spurred the habit of job-hopping, the survey found two-thirds of Asia Pacific millennials expect to work for the same or for a small number of companies throughout their career, a similar finding to the other two regions.
Millennials place high emphasis on career progression and prefer jobs that provide inspiration and responsibility. They also display a need for regular sabbaticals for traveling and personal development. A staggering 42% respondents do not desire to stay long in their current workplace.
Source: CBRE Research, October 2016
2. Millennials are open-minded about office location
Millennials display flexibility when choosing the office location. Only a small difference in percentage between respondents showing a preference of working in the city centre and suburbs.
Source: CBRE Research, October 2016
3. …but commuting time matters
The shorter the journey, the higher the likelihood of taking up the job.
The survey found that around 90% of Asia Pacific millennials are willing to accept an office commute of up to an hour, while 50% would ideally want to limit their journey to no more than 30 minutes. This highlights the importance of location planning for organisations that want to draw millennials in vast numbers.
Moreover, respondents in countries with higher effective transportation infrastructure are more open to the idea of travelling further to work.
Source: CBRE Research, October 2016
4. Office design can enhance job satisfaction
71% of the respondents are willing to travel further and move to a less attractive location for a better office environment.
More than 70% of the respondents believe employers should put more thought into their working environment as it has positive impact on the staff.
About 60% Asia Pacific millennials rated their office design and layout as “good” which is significantly lower than other regions (83% in North America and 68% in Europe).
Findings varied across individual markets, with 90% of millennials in India happy with their current office design, compared to just 40% in Japan.
Source: CBRE Research, October 2016
5. Flexible working hours a huge win
The advancement in technology has paved the way for greater work mobility.
Millennials welcome the new found freedom with open arms. Over 60% of Asia Pacific millennials said they desired flexibility at work, a proportion that rose to 73% among high income respondents.
In reality, however, the majority still work in traditional office settings with fixed offices and desks. Fewer than 20% can choose a place or desk to work to suit their needs.
Source: CBRE Research, October 2016
6. Amenities and wellness are paramount
An office is now beyond just a place for work – an office must be a place where one can relax, socialise and engage in other activities.
More than generations than precede them, millennials place huge importance on wellness.
They are health conscious and demand an office with gyms, green space and other exercising facilities, while a good substitute will be subsidies for membership of fitness clubs, sports teams and etc.
Source: CBRE Research, October 2016
In conclusion
When it comes to job selection, corporate identity was a key factor for Generation X and baby boomers. Millennials, on the other hand, place working condition and lifestyle higher on the pecking order.
Background
Last December, CBRE Research conducted a global survey of 13,000 young adults aged between 22 and 29 to examine how they live, work and play, and what this means for real estate.
The findings were used to produce the Asia Pacific Millennials Survey covering 5,000 respondents in Australia, China, Hong Kong, Japan and India (1,000 respondents in each market).
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